Olympics-Tokyo organisers unveil revised budget for 2020 Games

Reuters Staff

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TOKYO, Dec 21 (Reuters) - Tokyo Olympic organisers unveiled a budget of 1.6 to 1.8 trillion yen ($15-$16.8 billion) for the 2020 Summer Games on Wednesday, down from a last month’s proposal of as much as 2 trillion yen after they came under pressure to cut costs.

The figure is still more than double the original estimate made during the bidding process, although that had not included security and transportation costs.

A Tokyo city government panel had estimated in September that costs could balloon to as much 3 trillion yen. The IOC is worried such lofty figures could scare off future bidders and had called for a sharp reduction. ($1 = 107 yen) (Reporting by Chris Gallagher; Editing by John O‘Brien)